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Business Plans that Work: A Guide for Small Business 2/E, 2nd Edition by Jeffry Timmons, Stephen Spinelli, Andrew Zacharakis

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2Going into detail on SEC regulations is beyond the scope of this book, and if in doubt you should check with your lawyer; however, here are a few of the basics. If your total financing need (private placement) is under $1 million, there aren’t any federal restrictions, other than antifraud rules. If it is over $1 million, you can only have 35 unaccredited investors. In order for an individual to qualify as an accredited investor, he or she must accomplish at least one of the following:

1. Earn an individual income of more than $200,000 per year, or a joint income of $300,000, in each of the last two years and expect to reasonably maintain the same level of income

2. Have a net worth exceeding $1 million, either individually or jointly with his ...

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